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By Bruce Norris .

The Norris Group Real Estate News Roundup 5/6/13

Monday, May 6th, 2013


Today’s News Synopsis:

According to the NAHB, the number of improving markets decreased this month to 258 compared to 273 in May.  Prices for commercial properties increased in April to their highest level, exceeding a peak reached back in 2007.  New York Attorney General Eric Schneiderman attends to sue both Bank of America and Wells Fargo for violation of the National Mortgage Settlement.

In The News:

Bloomberg - “Diminished Housing Wealth Effect Keeps Pressure on Fed” (5-5-13)

“The wealth effect from rising house prices may not be as effective as it once was in spurring the U.S. economy.  Rather than using their properties as ATM machines to boost spending, homeowners increasingly are paying down the principal and shortening the maturities of their mortgages in a move Florida banker Rob Nunziata calls ‘forced savings’.”

Realty Times – “Homeowners’, Renters’ Regrets Reveal Many Aren’t Prepared For New Home” (5-5-13)

“Three out of four Americans say it’s a good time to buy and more than two in five American renters say they are sorry they didn’t do so.”

NAHB – “Improving Markets List Includes 258 Metros in May” (5-5-13)

“The number of U.S. housing markets showing sustained improvement in three key measures fell slightly to 258 in May from 273 in April, according to the NAHB/First American Improving Markets Index (IMI), released today.”

Housing Wire - “New York AG to sue Wells Fargo and Bank of America” (5-5-13)

“New York Attorney General Eric Schneiderman announced Monday his intentions to sue Bank of America and Wells Fargo for allegedly violating terms of the National Mortgage Settlement.”

DS News - “FHFA Directs GSEs to Limit Purchases to QM Loans” (5-5-13)

“The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac to limit future loan purchases to those that meet the Consumer Financial Protection Bureau’s (CFPB) criteria for “qualified mortgage”

loans.”

Bloomberg - “U.S. Commercial-Property Prices Rise Above Their ’07 Peak” (5-5-13)

“Prices for U.S. commercial property last month rose above a peak reached in 2007 as low interest rates and financing availability helped increase values, according to research firm Green Street Advisors Inc.”

Housing Wire - “LPS: Homeowner Bill of Rights slows California foreclosure sales” (5-5-13)

“The California Homeowner Bill of Rights is slowing the movement of distressed properties in the West Coast state, Lender Processing Services said in a report.”

DS News - “LPS: Rate of New Problem Loans Approaching Pre-Crisis Levels” (5-5-13)

“The rate of new loans that rolled into serious delinquency fell below 1 percent for the first time since 2007, Lender Processing Services (LPS) reported Monday.”

Hard Money Loan Closed

Fallbrook, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $145,000 on a 3 bedroom, 1 bathroom home appraised for $225,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived with FIBI OC on Tuesday, May 7, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with Asian REIA on Wednesday, May 15, 2013.

Bruce Norris of The Norris Group will be presenting Poised to Pop: Quadrant Four Has Arrived with TIGAR on Thursday, May 16, 2013.

 

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 1/8/13

Tuesday, January 8th, 2013

Today’s News Synopsis:

The number of improving markets increased drastically this month and is now at 242.  The number of closures for mortgage related businesses was less in 2012 at only 82.  The IRS announced they will begin accepting tax returns as early as the end of this month.

In The News:

Bloomberg- “BofA Escaping Countrywide Helps Moynihan Build: Mortgages” (1-8-13)

“Bank of America Corp. yesterday struck deals to settle lending complaints, sell rights to service $300 billion of mortgages and repair relations with regulators. For Chief Executive Officer Brian T. Moynihan, it offers his best chance to rebuild the home lending business.”

Inman- “Re/Max takes control of franchising in Texas” (1-8-13)

“Denver-based franchisor Re/Max LLC will now have the right to sign up Re/Max franchisees in Texas after taking ownership of the “master franchise” region.”

DS News- “Number of Improving Markets Spikes in January, Hits 242″ (1-8-13)

“The National Association of Home Builders (NAHB)/ First American Improving Markets Index (IMI) continued its trend of marked monthly improvements in January, according to a release from the NAHB.”

CNN Money – “IRS will accept tax returns starting Jan. 30″ (1-8-13)

“The Internal Revenue Service will start processing tax returns for the vast majority of filers on Jan. 30. The agency had planned to open the tax season on Jan. 22, but had to push back the date because Congress took until New Year’s Day to pass needed tax provisions.”

Housing Wire- “Fitch: QM and QRM resolution will restart private RMBS market” (1-8-13)

“The recent announcement by the Consumer Finance Protection Bureau’s intention to issue a final rule on the ability to repay requirement as part of the final Qualified Mortgage definition are key milestones for the private-label residential mortgage-backed securitization market.”

DS News- “Mortgage Daily: Mortgage Business Closings Finish 2012 at 82″ (1-8-13)

“Fewer businesses in the mortgage industry went under in Q4 2012, according to data from Mortgage Daily.”

Bloomberg- “NYC Midtown South Office-Vacancy Rate Rises as Rents Jump” (1-8-13)

“The office-vacancy rate in New York’s midtown south climbed for a fourth straight quarter as rents rose faster than some of the area’s technology and media tenants could pay, Cushman & Wakefield reported.”

Hard Money Loan Closed

Rancho Cucamonga, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $136,000 on a 3 bedroom, 2 bathroom home appraised for $310,000.

 

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at SocalREIA on Thursday, January 10, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Apartment Owners Association on Thursday, January 17, 2013

Bruce Norris of The Norris Group will be presenting his newest talk Poised to Pop: Quadrant Four Has Arrived at the Buena Park Apartment Owners Association on Wednesday, January 23, 2013.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 7/24/12

Tuesday, July 24th, 2012

Today’s News Synopsis:

Zillow reported a 0.2% year-over-year increase for home values in the second quarter, the first year-over-year increase seen since 2007.  Home prices increased 0.8% in May according to the FHFA.  Despite price increases, Radar Logic expressed concerns there still could be declines seen in the second half of this year.


In The News:

DS News – “Prices Up, but 2nd Half of 2012 Could See Declines: Radar Logic” (7-24-12)

“Radar Logic’s composite to measure home prices may show monthly and yearly gains, but contrary to other reports, the analytics company argues that the increases don’t mean prices have hit bottom.”

Housing Wire – “FHFA home prices rise 0.8% in May” (7-24-12)

“U.S. home prices for the 12-month period ending in May rose 3.7% over last year, the Federal Housing Finance Agency said in its latest monthly House Price Index.”

Bloomberg – “Home Values Post First Year-Over-Year Increase Since 2007″ (7-24-12)

“Home values posted their first year- over-year increase since 2007 in the second quarter as the U.S. property market began to lift off a bottom, Zillow Inc. (Z) said.”

Realty Times – “Mortgages: What’s Happened While You Were Away? “ (7-24-12)

“Over the summer, spending more leisure time outdoors takes top priority. Keeping up with the news slips down the list, or off it completely. Kind of makes this an ideal time for the government to slip in unpleasant things, doesn’t it?.”

Inman – “Decline in REOs blamed for sagging California home sales” (7-24-12)

“The California Association of Realtors says inventory shortages dented pending home sales in June, as lenders signed off on more short sales but had fewer “real estate owned” properties, or REOs, to market.”

DS News – “DataQuick: Foreclosure Activity Down in California” (7-24-12)

“Following promising reports of increased sales in California’s Southland Empire, analytics company DataQuick issued another release revealing that foreclosure activity is down in the state.”

Bloomberg – “Student Loan Debt Tied to U.S. Home Sales Lag, Soss Says” (7-24-12)

“U.S. student loan debt totaling more than $900 billion may be hurting home sales, said Neal Soss, chief economist at Credit Suisse in New York.”

Inman – “As home prices rise, foreign interest in U.S. real estate flags” (7-24-12)

“A decline in the international share of overall house hunters in the second quarter indicates that rising U.S. home prices may be putting off foreign buyers, according to a report from real estate search and marketing site Trulia.”

Housing Wire – “Congress probes DOJ involvement in St. Paul disparate impact case” (7-24-12)

“A House subcommittee is investigating what the Justice Department said to St. Paul, Minn. officials before the city withdrew its defense against a housing discrimination case from the Supreme Court.”

Hard Money Loan Closed

Moreno Valley, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $88,000 on a 4 bedroom, 2 bathroom home appraised for $140,000.

 

Bruce Norris of The Norris Group will be at the Los Angeles Commercial Real Estate Forum Thursday, August 30, 2012.

Bruce Norris of The Norris Group will be at the Real Estate Investment Expo in Santa Clara Saturday, September 8, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Los Angeles Real Estate Investors Association in Orange County Tuesday, September 11, 2012.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 4/17/12

Tuesday, April 17th, 2012

Today’s News Synopsis:

Housing starts showed disappointing numbers last month with a 5.8% drop from February.  The Lender Processing Services reported more short sales than foreclosures with banks agreeing to sell houses below the mortgage amount.  Housing permits increased 4.5% last month, bringing them to their highest level in four years.

In The News:

Bloomberg – “Short Sales Surpass Foreclosures as Banks Agree to Deals” (4-17-12)

“he number of U.S. home short sales surpassed foreclosure deals for the first time as banks became more agreeable to selling houses for less than the amount owed on their mortgages, according to Lender Processing Services Inc. (LPS).”

Housing Wire – “Housing starts fall 5.8%, disappointing analyst estimates” (4-17-12)

“Starts on new homes fell 5.8% in March to 654,000 units, compared to 694,000 in February, the government said Tuesday.  Analysts surveyed by MarketWatch anticipated stronger home construction levels of 703,000 starts for March, but activity levels remained well below that point.”

Inman – “Top 10 metros with greatest drop in for-sale inventory” (4-17-12)

“U.S. housing market trends tracked by Realtor.com show a trifecta of promise: a shrinking number of homes on the market, fresher inventory, and an increase in median list price.”

DS News – “Housing Permits Hit New Four Year High; Starts Sputter” (4-17-12)

“Housing permits surged another 4.5 percent in March to a seasonally adjusted annual rate of 747,000, the highest level since September 2008, the Census Bureau and Department of Housing and Urban Development reported jointly Tuesday.”

San Francisco Chronicle – “Calif. drops property tax deduction campaign” (4-17-12)

“On the eve of tax-filing deadline, the Franchise Tax Board abandoned its campaign to get California property owners not to deduct a portion of their real estatetaxes.”

Housing Wire – “U.S. Bancorp sees 28% profit jump as mortgage unit numbers improve” (4-17-12)

“U.S. Bancorp  ($31.16 0%) saw its profit rise 28% in the first quarter of 2012 as the bank reported new commercial real estate lending and $25.1 billion in mortgage and other retail loan originations.

DS News – “Moody’s Ranks Subprime Servicers Based on Cash Flow” (4-17-12)

“Based on a metric devised by Moody’s, GMAC, SLS, and American Home performed better compared to other subprime servicers in terms of cash collected relative to losses on delinquent loans.”

Bloomberg – “Morgan Stanley Signs Lease to Expand at 1 New York Plaza Tower” (4-17-12)

“Morgan Stanley, the sixth-largest U.S. bank by assets, signed a lease for almost 1.2 million square feet (111,480 square meters) of space at Brookfield Office Properties Inc. (BPO)’s 1 New York Plaza in lower Manhattan.”

Housing Wire – “Goldman Sachs 1Q net income falls 23%, still beats estimates” (4-17-12)

“Goldman Sachs ($117.93 0.2%) reported a first-quarter profit of $2.11 billion, or $3.92 a share, a 23% drop from a year earlier when the firm earned $2.74 billion, but still beating analysts’ estimates.”

Hard Money Loan Closed

Taft, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $54,000 on a 5 bedroom, 2 bathroom home appraised for $88,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Real Estate Investor Rewind for SJREI at Dublin on Wednesday, May 02, 2012.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 4/10/12

Tuesday, April 10th, 2012

Today’s News Synopsis:

Zillow reported rents are showing substantial increases over purchases, in some cities as much as 15% from last year.  Edward DeMarco believes if Fannie Mae and Freddie Mac forgave the principal on some troubled mortgages, it could save them $1.7 billion.  Key members of Congress introduced new bills that would extend the  Mortgage Forgiveness Debt Relief Act into 2014.

In The News:

Los Angeles Times – “High household debt makes recessions, recoveries worse, says IMF” (4-10-12)

“What happens when, in boom times, households run up substantial debt through mortgages, personal loans and credit cards? When the economy starts to slump, the recession is deeper and the eventual recovery is much weaker, according to the International Monetary Fund.”

Housing Wire – “Wells Fargo mortgage modifications reach 740,000 homeowners” (4-10-12)

“Wells Fargo & Co. ($33.73 -0.15%) grew its portfolio of active and completed mortgage modifications from 733,180 at the end of January to 740,359 in late February.”

DS News – “New York Companies Involved with Force-Placed Insurance to be Further Probed” (4-10-12)

“Penny-by-penny, the New York Department of Financial Services is uncovering the truth about force-placed insurance, and the department’s superintendent plans to hold public hearings in May to find out the reasons behind all of the extra fees.”

Bloomberg – “DeMarco Says Principal Writedowns May Save FHFA $1.7 Billion” (4-10-12)

“Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some troubled mortgages, the companies’ regulator said today in Washington.”

CNN Money – “Consumer bureau to crack down on mortgage servicers” (4-10-12)

“The Consumer Financial Protection Bureau announced Tuesday that it’s considering new rules aimed at mortgage servicers to help protect consumers against ‘costly surprises’.”

Inman – “Congress considers extension to mortgage-debt relief deadline” (4-10-12)

“For anyone hoping that a fractious, election-bound Congress can manage to extend a law that is crucial to the housing recovery — the Mortgage Forgiveness Debt Relief Act — here’s a little good news: Before heading home for the Easter holiday recess, key members of the House and Senate tax-writing committees introduced bills that would keep the law alive through 2014.”

Realty Times – “Court Upholds HOA Rule Change, Even Though Only One Member Was Affected By It” (4-10-12)

“It is well understood that a homeowners association (HOA) has the ability to amend its operating rules (that is, rules that affect matters such as parking requirements, property maintenance, use of community facilities, etc.). The manner by which such rules may be adopted or amended will be set forth in the association’s by-laws.”

Los Angeles Times – “Group accuses Wells Fargo of bias in maintaining foreclosed homes” (4-10-12)

“A nonprofit group has filed a bias complaint against Wells Fargo accusing the lender of poorly maintaining the foreclosed homes it owns in what the nonprofit calls Latino and black neighborhoods compared with those it owns in white areas.”

Housing Wire – “Rentals outshine single-family home purchases: Zillow” (4-10-12)

“The nation’s rental market continues to strengthen with some big cities seeing rents rise nearly 15% compared to a year ago.”

DS News – “CFPB to Propose Rules for Servicers to Tackle Problems” (4-10-12)

“The Consumer Financial Protection Bureau (CFPB) is looking to propose mortgage servicing rules to keep borrowers from “costly surprises” and prevent servicers from giving customers ‘the runaround’.”

San Francisco Chronicle – “Hot ‘spec’ deal 1st in S.F. since recession began” (4-10-12)

“It’s not every day that a parking lot goes for $41 million. In cash.  Except this parking lot, at Howard and First streets in San Francisco, is located in one of the hottest commercial real estate markets in the country.  Late last week, New York’s Tishman Speyer Properties closed escrow on the space, which, by the end of next year will be transformed into a 10-story, 286,000-square-foot office building serving “tech tenant demands and needs perfectly,” said Allen Palmer, managing director at Tishman Speyer’s San Francisco office, in an e-mail to Bay Area real estate brokers.”

Hard Money Loan Closed

Lancaster, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $55,000 on a 4 bedroom, 2 bathroom home appraised for $88,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at The Women’s Council of Realtors Victorville on Wednesday, April 11, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at All In or Fold on Saturday, April 28, 2012.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 3/22/12

Thursday, March 22nd, 2012

Today’s News Synopsis:

In a big story in the news, mortgage rates are slowly but surely continuing to increase and are now above 4%.  Prices of homes had the smallest decrease in two years last January at 0.8%.  The Labor Department reported claims of unemployment decreased to 348,000 last week.

In The News:

DS News – “Mortgages Rates Up, With 30-Year Fixed Above 4 Percent” (3-22-12)

“Moving along side higher yields on bonds, mortgage rates continued to climb upwards, with the 30-year fixed rate mortgage above the 4 percent benchmark for the first time since October 27, 2011, according Freddie Mac’s Primary Mortgage Market Survey.”

Realty Times – “Two-Study Mashup Reveals Rental Market Boom Towns” (3-22-12)

“There’s a mother lode of single-family home investment opportunities popping up around the nation, with big, fat, shiny veins snaking through the Golden State and the Sunshine State.  In a first quarter 2012 ranking of top rental property investment markets, California, from San Diego to Sacramento, yielded 12 markets.”

Bloomberg – “U.S. Home Prices Have Smallest Decline in More Than 2 Years” (3-22-12)

“U.S. home prices fell 0.8 percent in January from a year earlier, the smallest decline in more than two years, as the U.S. property market begins to stabilize.”

Housing Wire – “FHFA: Home prices level off in January” (3-22-12)

“Home prices remained unchanged in January from a downwardly adjusted December level, but fell 0.8% from a year earlier, according to the Federal Housing Finance Agency’s index.”

DS News – “New York Foreclosure Firm Settles With State for $4M” (3-22-12)

“New York Attorney General Eric T. Schneiderman announced a $4 million settlement with a New York foreclosure law firm due to abuses in its foreclosure-related legal work.”

San Francisco Chronicle – “Buying a home cheaper than renting in most places” (3-22-12)

“Purchasing a home is cheaper than renting in 98 out of the 100 largest U.S. metropolitan areas, a survey by real estate site Trulia showed.”

Bloomberg – “Insurance Upstart Signals U.S. Housing Rebound: Mortgages” (3-22-12)

“Reports of the U.S. mortgage- insurance industry’s demise have been greatly exaggerated.  NMI Holdings, a new home-loan guarantor, has hired investment bank FBR & Co. (FBRC) to help it raise $550 million after record homeowner defaults felled three competitors and left all but one of the survivors with junk credit grades, according to two people familiar with the company’s plans. Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. (JPM) are among the backers of another upstart, Essent Guaranty Inc.”

Housing Wire – “Weekly jobless claims fall 5,000 to 4-year low” (3-22-12)

“Initial jobless claims fell to 348,000 for the week ended March 17 from an upwardly adjusted 353,000 a week earlier, according to the Labor Department.”

CNN Money – “Job challenges loom for war vets” (3-22-12)

“Veterans of the wars in Iraq and Afghanistan face unique hurdles in an already tough job market.”

Los Angeles Times – “Federal judge shuts down Santa Ana mortgage-relief operation” (3-22-12)

“A judge has shut down a Santa Ana mortgage-relief operation after federal officials accused it of falsely promising help for struggling homeowners to avoid foreclosure or get their mortgage payments reduced.”

Bloomberg – “Mortgage Rate-Yield Gap Eases Selloff in Bonds: Credit Markets” (3-22-12)

“Interest rates on new U.S. home loans are rising slower than yields on the mortgage securities they’re packaged into, helping to contain an increase in borrowing costs across debt markets.  The gap between the cost of 30-year loans and benchmark Fannie Mae yields, a measure of lenders’ profit margins called the primary-second spread, has tightened to about 0.8 percentage point, compared with a two-year high of more than 1.3 percentage points in January, according to data compiled by Bloomberg.”

Hard Money Loan Closed

Riverside, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $118,000 on a 3 bedroom, 2 bathroom home appraised for $188,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Bigger Pockets REI Summit on Friday, March 23, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the Inland Empire Investors Forum on Tuesday, March 27, 2012.

Looking Back:

The CBIA reported home production dropped 41% from the previous year. MacroMarkets believed a double dip in housing prices would soon occur. Fannie Mae said mortgage applications decreased by 7.9% in January 2011. U.S. home prices fell 3.9% year over year, according to FHFA.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 3/14/12

Wednesday, March 14th, 2012

Today’s News Synopsis:

In February, home sales increased in Southern California 8.4% year-over-year, while home prices also increased year-over-year for the first time in 18 months.  According to the lastest survey by the Mortgage Bankers Association, mortgage applications decreased 2.4% from last week.  Stress tests administered by the Fed to 19 banks showed 15 of them would continue to survive even in weak economic conditions.

In The News:

Mortgage Bankers Association - “Mortgage Applications Decrease in Latest MBA Weekly Survey” (3-14-12)

“Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 9, 2012.”

DS News – “New York Reaches $25M Settlement Over MERS Actions” (3-14-12)

“New York Attorney General Eric Schneiderman secured $25 million from three of the nation’s top servicing shops after filing a lawsuit early last month regarding foreclosures he says were improperly processed through Mortgage Electronic Registration System (MERS).”

Bloomberg - “Southern California Home Sales Jump” (3-14-12)

“Southern California home sales jumped 8.4 percent last month from a year earlier as a record number of investors made purchases, according to DataQuick.”

Mortgage Bankers Association - “Commercial/Multifamily Mortgage Debt Outstanding Flat in 4th Quarter; Down 0.6 percent in 2011″ (3-14-12)

“The level of commercial/multifamily mortgage debt outstanding was essentially unchanged in the fourth quarter of 2011, as three of the four major investor groups increased their holdings, according to the Mortgage Bankers Association (MBA). On a year-over-year basis, the amount of mortgage debt outstanding at the end of 2011 was $14 billion lower than at the end of 2010, a decline of 0.6 percent.”

Housing Wire - “Home prices rise for first time in 18 months: RE/MAX” (3-14-12)

“For the first time in 18 months, home prices increased year-over-year in February, a turnaround that RE/MAX said signifies a ‘very active selling season’.”

Realty Times - “Current Mortgage Rates Intact After Jobs Report” (3-14-12)

“FHA mortgage rates remained the same this week with FHA 30 year fixed mortgage rates at 3.250%, FHA 15 year fixed mortgage rates at 2.750% and FHA 5/1 adjustable mortgage rates at 2.750%.”

Housing Wire - “Mortgage bankers throw weight behind GSE refi bill” (3-14-12)

“Sen. Al Franken, D-Minn., got a boost to a bill he introduced last month that could eliminate repurchase risk for banks choosing to refinance Fannie Mae and Freddie Mac mortgages.”

DS News – “Fed’s Stress Test Shows 15 out 0f 19 Banks Would Weather Storms” (3-14-12)

“If extremely severe economic conditions were to fall upon the U.S., 15 of the 19 banks tested by the Fed’s stress scenario projections are said to be able to survive and continue to lend.”

Hard Money Loan Closed

Perris, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $85,000 on a 4 bedroom, 2 bathroom home appraised for $142,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Real Estate Rewind at NORCALREIA tomorrow, March 15, 2012.

The Norris Group posted a new event.  Bruce Norris of The Norris Group will be at the Downey Association of Realtors today.

Looking Back:

FHA extended HARP until June 30, 2012. The Supreme Court of New York ruled in favor of MERS, confirming it’s ability to foreclose on a mortgage and assign it. An attorney general accused Meredian Financial of tricking homeowners into believing it was their current mortgage company and took fees for refinancing services that never transpired. California home values decreased 4.25% for the year ended January, according to MDA DataQuick.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 2/7/12

Tuesday, February 7th, 2012

Today’s News Synopsis:

According to DS News, the number of homeowners receiving loan modifications from HAMP is about to reach 1 million.  In other news, more than 40 states have joined in on a settlement to help homeowners in foreclosure.  Banks are beginning to help out with people in foreclosure by now offering them money to sell their properties at a lower price than what is owed.

In The News:

DS News – “HAMP Mods Approach 1M Mark” (2-6-12)

“More than 930,000 homeowners have received a permanent modification through the government’s Home Affordable Modification Program (HAMP), saving an estimated $10.5 billion in monthly mortgage payments, according to Treasury.”

Housing Wire – “Mortgage mods in 2011 down 40% from prior year” (2-7-12)

“More than 1 million American homeowners received permanent loan modifications from mortgage servicers in 2011, down 40% from 2010, Hope Now said Tuesday.”

San Francisco Chronicle – “Banks Paying Homeowners a Bonus to Avoid Foreclosures: Mortgages” (2-7-12)

“Banks, accelerating efforts to move troubled mortgages off their books, are offering as much as $35,000 or more in cash to delinquent homeowners to sell their properties for less than they owe.”

CNN Money – “Foreclosure deal has 40 states, but others balk” (2-7-12)

“More than 40 states have signed on to a draft settlement with the nation’s largest banks aimed at helping homeowners struggling with loans bigger than the value of their homes.”

Housing Wire – “Nonbank mortgage lenders required to file fraud reports” (2-7-12)

“Nonbank mortgage lenders will be required to establish anti-money laundering programs and file suspicious activity reports beginning later this year, according to rules finalized by the Financial Crimes Enforcement Network.”

Bloomberg – “States with Highest Foreclosure Rates Among Bank Deal Holdouts” (2-7-12)

California, New York, Nevada, Florida and Massachusetts are among the handful of states that haven’t signed a deal with banks over foreclosure abuses, according to state officials and two people familiar with the talks.”

Housing Wire – “Mass. House Democrats push FHFA on mortgage mods” (2-7-12)

“Three Massachusetts congressmen are asking the Federal Housing Finance Agency to reconsider options in loan modifications, saying the regulator hasn’t done enough to help homeowners.”

NAHB – “Builder Confidence for the 55+ Housing Market Ends Fourth Quarter on an Upswing” (2-7-12)

“Builder confidence in the 55+ housing market for single-family homes rose four points to 18 compared to the same period a year ago, according to the latest National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI) released today.”

CNN Money – “Government expects lending fund to turn taxpayers a profit” (2-7-12)

“An Obama administration lending program set up to funnel cash to small banks was expected to cost taxpayers $1.3 billion. Instead, it will turn a profit of $80 million.”

Housing Wire – “Prepayments on Fannie and Freddie MBS decline” (2-7-12)

“Prepayments on Fannie Mae and Freddie Mac mortgage-backed securities slowed in December and January, suggesting HARP 2.0 has yet to stimulate mass-refinancing activity, analysts said Tuesday.”

Hard Money Loan Closed

San Diego, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $90,000 on a 2 bedroom, 2 bathroom home appraised for $160,000.

California Real Estate Investor Events:

The Norris Group posted a new event.  The Norris Group will be holding their monthly REO Boot Camp, February 14, 2012.

Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

Looking Back:

The MBA reported $110 billion in commercial and multifamily mortgages were originated in 2010. 36,500 mortgages were modified through government and proprietary programs in December 2010, according to Fitch Ratings. Altos Research announced plans to release a new, forward valuation model for real estate. S&P claimed 80% of the loan modifications that took place over the previous 3 years defaulted again within 2 years.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 1/30/12

Monday, January 30th, 2012

Today’s News Synopsis:

In the latest survey released by the National Association of Realtors, existing home sales increased for the third month in a row.  At the same time, the latest Case-Shiller Index expects home prices will decrease another 1% this year, but they predict an overall 3.8% in the economy by 2013.  Construction on private nonresidential homes is also expected to be on the rise with the growing demand for more construction jobs.

In The News:

Bloomberg – “Construction Rises as Architects Show U.S. Nonresidential Bounce” (1-29-12)

“Private nonresidential construction may pick up this year, as demand grows for new U.S. projects.  The Architecture Billings Index held at 52 last month, a sign of expansion, according to the American Institute of Architects. The commercial and industrial component — a proxy for private building activity — climbed to 54.1 in December, the highest in 10 months, the Washington-based association said Jan. 18.”

Los Angeles Times – “Industrial property leases jumped nationally in 2011″ (1-29-12)

“New industrial real estate leases signed in 2011 returned to levels not seen since prior to the recession of 2008-09, according to year-end statistics for the nation’s industrial market compiled by a real estate brokerage.”

Housing Wire – “Home prices to fall 1% in 2012, rebound in 2013: Fiserv Case-Shiller” (1-30-12)

“The double-dip in home prices that began two years ago continued through the third quarter of 2011, according to the Fiserv (FISV: 62.61 -0.70%) Case-Shiller Indexes released Monday. However, there are signs of a recovery for 2013.”

Bloomberg – “Commercial-Mortgage Bond Rally May Have Run Out of Steam, Citigroup Says” (1-30-12)

“A rally in risky commercial-mortgage bonds may have run its course after a surge in trading, according to Citigroup Inc. (C)  Values on so-called AM and AJ securities, some of which have been cut to junk after being assigned top grades at issuance, increased “remarkably” during the first half of January, Citigroup analysts led by Jeffrey Berenbaum said in a Jan. 27 report.”

Realty Times – “Real Estate Outlook: Existing-Home Sales Rise Again” (1-30-12)

“The National Association of Realtors latest existing-home sales survey shows that sales are on the rise again. This is the third straight month of increases as well the rate rising above year ago levels.”

DS News – “Homeowner Satisfaction Rate at 72%, Highest for Short Sale Purchasers” (1-30-12)

“Seventy-two percent of homeowners say they are satisfied with homeownership, according to a recent survey of more than 1,400 homeowners conducted by HomeGain, a provider of online marketing programs that connect agents and brokers with home buyers and sellers.”

San Francisco Chronicle – “Bernanke Beats Obama for Mortgage-Bond Investors: Credit Markets” (1-30-12)

“Mortgage-bond investors have been betting that Federal Reserve Chairman Ben S. Bernanke will do more to aid housing than President Barack Obama.  Government-backed mortgage bonds are poised to return the most this month since October relative to Treasuries, with the Fed helping push yields on lower-coupon notes that guide loan rates to record lows.”

Inman – “Report: Freddie Mac bets against homeowner refinancings” (1-30-12)

“In 2010 and 2011, mortgage giant Freddie Mac invested billions of dollars on bets that homeowners with high-interest mortgages would not be able to refinance at today’s lower interest rates, according to a joint investigation conducted by NPR and ProPublica, a nonprofit, independent news agency.”

Wall Street Journal – “Warehouses Fill, Brightening Industrial Space” (1-30-12)

“One often-overlooked corner of commercial real estate showed signs of stabilizing in the fourth quarter, as healthy demand for warehouse space helped push down the industrial vacancy rate.”

Bloomberg – “CBRE Drops on Investors’ Transaction-Volume Scrutiny: San Francisco Mover” (1-30-12)

“CBRE Group Inc., the world’s largest commercial real estate services firm, fell the most in six weeks as investors focus on fourth-quarter transaction volumes ahead of earnings reports.”

Housing Wire – “New York 2011 home sales off pace, prices stabilize” (1-30-12)

“Fueled by a strong fourth quarter, home sales in New York state rebounded somewhat but still finished 3.9% behind 2010 figures. The New York State Association of Realtors said the more positive 2010 numbers likely reflect the boost from the federal homebuyers’ tax credit.”

Hard Money Loan Closed

Los Angeles, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $165,000 on a 3 bedroom, 2 bathroom home appraised for $244,000.

California Real Estate Investor Events:

Bruce Norris of The Norris Group will be at the Advanced Investing Skills and Strategies 2.5 on February 4, 2012.

The Norris Group posted a new event. Bruce Norris of The Norris Group will be at the 2012 Kick Off Brunch on February 18, 2012.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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The Norris Group Real Estate News Roundup 1/6/12

Friday, January 6th, 2012

Sources:

Job Growth Accelerates
Apartment-Vacancy Rate Tumbles to 2001 Level
S&P: Home prices back to 2001 levels
November Pending Home Sales Index
Rescuing redevelopment
California high court puts redevelopment agencies out of business
2011 Migration Patterns
Fed Identifies Markets Primed for Bulk REO-to-Rental Programs
Federal Reserve System

Today’s News Synopsis:

In this week’s video, Aaron Norris gives the news of the week in the world of real estate and other big events. DS News reported an 8.5% drop in unemployment with the addition of 200,000 new jobs.  In another big story, the Federal Reserve released a white paper showing support for a bulk-buy-to-rent program to help stabilize hard-hit markets.  New York and New Jersey are among the worst hit states for foreclosures.

In The News:

Bloomberg – “U.S. Office Vacancies Fell in Fourth Quarter as Economy Recovered Slowly” (1-5-12)

“U.S. office (BBREOFPY) vacancies fell in the three months through December, extending a yearlong recovery, as a dearth of new supply helped counter sluggish economic growth, Reis Inc. said in a report today.”

Housing Wire - “LPS reports mortgage delinquencies are going nowhere” (1-6-12)

“The latest mortgage monitor from Lender Processing Services (LPS: 15.82 +1.35%) shows the level of homeowners 90 days or more behind on their house payments stayed essentially flat over the second half of 2011.”

Mortgage Bankers Association - “MBA Statement on Fed’s Housing Policy White Paper “ (1-6-12)

“‘The Fed’s white paper is a thoughtful document that raises a number of very interesting issues that policymakers ought to consider as they seek to solve the ongoing ills of the housing market.  The Fed staff’s comments validate much of what we have been saying, as it relates to the balance between credit availability and consumer protection, as well as the role that Fannie Mae and Freddie Mac could play in stabilizing and revitalizing the mortgage market’.“

Realty Times - “30-year Fixed-rate Mortgage Matches All-time Record Low” (1-6-12)

“In Freddie Mac’s results of its Primary Mortgage Market Survey® the average fixed mortgage rates starting the year at or near their all-time lows. The 30-year fixed averaged 3.91 percent matching its all-time record low amid recent data showing signs of improvement in the housing market and manufacturing industry.”

DS News - “Unemployment Rate Falls to 8.5%” (1-6-12)

“The nation’s unemployment rate continues to trend down. It slipped to 8.5 percent during the month of December as the economy added 200,000 new jobs, the U.S. Department of Labor said Friday morning.”

Bloomberg - “Foreclosures Worsen in New York, New Jersey as Arizona Improves” (1-6-12)

“The number of homes in the foreclosure (HOMFCLOS) pipeline is increasing in states including New York,New Jersey and Connecticut, where the process is slowed by courts, as Arizona, California and Nevada digest their backlog.”

Housing Wire - “Fitch: CMBS delinquencies down to 8.37% in December” (1-6-12)

“Delinquencies tied to commercial mortgage-backed securities experienced five-straight months of declines in 2011, but late payments on office properties are likely to challenge CMBS in 2012, Fitch Ratings said Friday.”

San Francisco Chronicle - “Apartment vacancies at decade low as rents climb” (1-6-12)

“U.S. apartment vacancies dropped to a 10-year low in the fourth quarter,  allowing for rent increases that are likely to continue this year, property  research firm Reis said.”

Bloomberg - “Obama’s Consumer Watchdog Targest Mortgage, Payday Lenders” (1-6-12)

“Richard Cordray’s appointment as director of the U.S. Consumer Financial Protection Bureau moves the new agency nearer to fulfilling its intended role as a one-stop shop for borrower safeguards.”

Housing Wire – “Veros sees slow housing recovery with 1.3% decline in home prices in 2012″ (1-6-12)

“Home prices over the next 12 months will remain relatively unchanged, with the strongest markets seeing a 4% uptick in appreciation and the weakest markets dropping by 6%, Veros Real Estate Solutions said Friday.”

Hard Money Loan Closed

San Bernardino, California hard money loan closed by The Norris Group private lending. Real estate investor received loan for $80,000 on a 5 bedroom, 2 bathroom home appraised for $147,000.

California Real Estate Investor Events:

The Norris Group posted a new event. Bruce Norris will be speaking at the Real Estate Rewind at IRCA Los Angeles on January 3, 2012.

The Norris Group will be at the Real Estate Investor Rewind at CVREIA on January 10, 2011.

Looking Back:

According to Freddie Mac, rates on 30-year FRMs fell to 4.77% the week of January 6, 2011. Altos Research reported home prices fell 1.63% in December 2010. Timothy Geithner requested from Congress to increase the national debt limit. The debt limit at that time was $14.29 trillion, and the nation’s debt level was just $335 billion short of the limit.

For more information about The Norris Group’s California hard money loans or our California Trust Deed investments, visit the website or call our office at 951-780-5856 for more information. For upcoming California real estate investor training and events, visit The Norris Group website and our California investor calendar. You’ll also find our award-winning real estate radio show on KTIE 590am at 6pm on Saturdays or you can listen to over 170 podcasts in our free investor radio archive.

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